THE Union of Fans insists the club's board must match the South African tycoon's ambitions by agreeing to his plans for a massive injection of new capital.

RANGERS fans last night demanded the club accept Dave King’s offer to pump cash into the Ibrox outfit.

King outlined his plan to plough huge sums into the club in a Record Sport
Q&A yesterday and umbrella group the Union of Fans have called on the board to accept the tycoon’s offer of cash for new shares.

The move came on a day when Rangers pulled the plug on a high-interest emergency loan from hedge fund firm Laxey Partners – and accepted a cut price counter offer from one of their own fans instead.

A statement from the Union of Fans read: “We would now ask the board to indicate publicly, as a matter of urgency, whether they are prepared to accept Dave King’s offer of massive investment.

“The ball is firmly with the Rangers PLC board, in particular with chief executive officer Graham Wallace and chairman David Somers.

“Dave
King has put a figure on what Rangers need and has shown his commitment
to, and ambition for, the club he has supported all his life.

“Do Mr Wallace and Mr Somers agree with his figures and if they do, how do they propose to raise this large sum without Dave King?

“These
are extremely serious corporate matters, therefore they are matters for
the PLC board and not for any small, minority shareholder who is not a member of that board and who has no such high-level corporate experience.

“The corporate reputations of Mr Wallace and Mr Somers now rest on their next move.”

Wallace was also in the spotlight after the loan with Laxey Partners became public.

He
came under heavy fire after the club agreed to pay the finance company £150,000 for a short-term £1million loan despite it being safely secured
against two of the club’s most valuable property assets.

But
after the terms of the deal were announced to the Stock Exchange, wealthy fan George Letham stepped in with a far more favourable offer to
help keep his club out of more financial distress.

Letham – a board member of the Rangers Supporters Trust – will charge just £45,000 for the facility and has pledged to plough the cash back into the club when new shares are released.

The news of this U-turn comes as the board prepares to announce its interim accounts, possibly as soon as tomorrow morning, with more heavy losses expected.

But with every penny a prisoner, Letham’s generosity has at least saved the regime a whopping £105,000.

Letham previously stated he only wished to receive extra shares in return for his loan.

He said: “It is my intention to convert this interest into shares as I have no wish to take cash out of the club.

“If
the club are unable to convert the interest to shares then any cash sum
I received from the loan would be reinvested into the club via a future
share issue to further the cause of fan ownership.

“My only motivation is to ensure that the club is secure.”

A
statement from Rangers’ plc read: “Laxey has transferred all rights and
obligations in relation to the Laxey Facility to George Letham including all its rights in relation to the standard security granted as security for the Laxey Facility.

“The
Laxey Facility, now transferred by Laxey to Mr George Letham, remains subject to the same terms and conditions with the exception that the premium payment has been reduced to £45,000 and remains payable in shares or cash.”

Meanwhile,
the Union of Fans also hit out at director Sandy Easdale for threatening one high- profile anti-board protestor with a £200,000 law suit at the Court of Session.

Their statement added: “We note with dismay
that Rangers director Sandy Easdale is continuing to pursue what we consider to be a confrontational and frivolous course of legal action against Sons of Struth.

"We would ask him to remember what it means to be
a Rangers director and act accordingly if he wishes to enjoy the privileges of that position.”